Real Estate Agent · Charlotte, NC · Member since 2019 · 20 posts · 8 votes
Good afternoon everyone. I hope you all are well today. I'm reaching out today for some advice. I landed my first wholesale deal and I'm at a shortage of interested buyers.
I'm a licensed realtor in NC and I would like to list this property in the MLS. I've heard of other investors doing so and I just need someone to point me in the right direction to find the information on how. I really would like to know the rules. The do's and don'ts.
I do have equitable interest in the title bc I'm on the assignable contract. Any information you guys or gals might have for me would be greatly appreciated.
Residential Real Estate Broker · Portland, OR · Member since 2015 · 48 posts · 38 votes
7y
@Anthony Hollis I would be very careful wholesaling as a real estate agent. You are a fiduciary and can face some serious legal issues if the seller decides they were cheated. Definitely talk to your principal agent about the situation.
Good afternoon everyone. I hope you all are well today. I'm reaching out today for some advice. I landed my first wholesale deal and I'm at a shortage of interested buyers.
I'm a licensed realtor in NC and I would like to list this property in the MLS. I've heard of other investors doing so and I just need someone to point me in the right direction to find the information on how. I really would like to know the rules. The do's and don'ts.
I do have equitable interest in the title bc I'm on the assignable contract. Any information you guys or gals might have for me would be greatly appreciated.
Best regards,
A. Hollis
You need a listing agreement with your seller. Equitable interest in the property because you have a purchase agreement is nonsense. If you want to sell this person's property you need to get them to agree to terms of a listing. Whether that be a fixed % like 6% or 7% or if allowable in your MLS / with your Division of Real Estate a NET listing.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
7y
You need to be asking your broker and your MLS.....these rules are mls specific....it's just silly to be asking us what Your broker and Your mls will allow.
Real Estate Agent · Charlotte, NC · Member since 2019 · 20 posts · 8 votes
7y
@James Wise thank you sir. I was listing to a Max Maxwell podcast and heard him say in NC you can list a property as "seller is not yet owner of record". I'm trying to find all the tools I can use in my tool box.
@James Wise thank you sir. I was listing to a Max Maxwell podcast and heard him say in NC you can list a property as "seller is not yet owner of record". I'm trying to find all the tools I can use in my tool box.
I would imagine that Max Maxwell isn't in the know in regards to your MLS rules, Brokerage policies and the thoughts that the division of real estate has on the matter. Those are the folks who can fire you, fine you and pull your license. Max Maxwell while an entertaining and motivating Youtuber isn't the authority here. Utilize content you find from stuff like him as building blocks and general motivation. From there dig deeper with the right people before making moves.
Real Estate Agent · Charlotte, NC · Member since 2019 · 20 posts · 8 votes
7y
@Bryan Devitt I didn't think they allowed you to put deals on here. I got a post taken down one time when I was looking for investors and buyers to work with. I did have my email and phone number in that post.
Residential Real Estate Broker · Portland, OR · Member since 2015 · 48 posts · 38 votes
7y
@Anthony Hollis I would be very careful wholesaling as a real estate agent. You are a fiduciary and can face some serious legal issues if the seller decides they were cheated. Definitely talk to your principal agent about the situation.
Lancaster, PA · Member since 2016 · 80 posts · 14 votes
7y
@Anthony Hollis
Let me preface these comments with this: I, too, am a real estate agent and I also am/was looking to wholesale properties outside of my agency. I’ve done a crapload of research for my area (PA) in regards to doing such. All of this may or may not apply to you in NC
First things first, if you have already gotten the contract under agreement for you to purchase and you haven’t disclosed to the seller that you are an agent, that alone is enough for you to get pulled into mediation
The number one thing with being an agent while trying to do investment stuff is that extra added benefit of needing to give FULL DISCLOSURE of your actions upfront. Potential ethic violations aside, your license could be in jeopardy, or suspended, if the seller isn’t okay with proceeding from you buying to you listing
I was told from every broker and investor I’ve asked about this and they all told me the same thing: you wear 2 hats: buyer or agent when addressing a seller for the first time. As in “hi (insert seller name here). I’m an agent but I’m contacting you to buy your house”. If at some later time during you conversation you discuss possibly listing instead of buying, hat changes and you might need to refer them to another agent to handle the listing side
As everyone else has mentioned, speak with your broker about anything since due to you having your license in their office, both of y’all can’t get sued for your improper handling someone with a RE license. They can help clear and clean things up, if need be
However, if things were phrased differently with the seller, I’ve seen contracts where listings have turned into purchases after a set amount of time has lapse. I don’t know if that’s allowed in your state or not but that’s an option to look into
Also, i know of a brokerage around my parts that the broker wholesales properties on the MLS. That's his brokerage so rules apply a little differently then lol. I'm sure he's transparent with the client and also has the freedom to negotiate his own terms of earning his "referral/finders fee" on his wholesales.
I don’t know if I hit everything that could help you in your search of answers but best of luck to you 😄
Real Estate Agent · Charlotte, NC · Member since 2019 · 20 posts · 8 votes
7y
@Rickey Wallace thank you for your feedback sir. I have disclosed I'm an agent to the client. I followed all the rules and guidelines of my association. I'm looking for knowledge on listing wholesale deals on the MLS. I don't fully know the rules and regulations behind that. I thought maybe a NC Realtor who is also a wholesaler might see the post and give me guidance on the subject. Not to many realtors wholesale so I'm looking for a mentor on the subject. Thank you everyone for your feedback. I'm glad so many people care about making sure realtors do the right thing when it come to clients. I have not seen that to often in this business.
Rental Property Investor · Closter, NJ · Member since 2015 · 884 posts · 722 votes
7y
I can't see how the Owner of the property can be okay with this wholesale/MLS listing situation. Once it sells, the Owner is going to find out how much of a spread you pocketed, in addition to the Realtor Commission that was paid.
Anthony, please keep us updated on how this situation works out for you.
I’m curious as to why you want to whole sale it. Why not just list it as an agent?
If you’re trying to get a bigger spread, I would imagine that opens you up to some legal issues. Isn’t that a violation if your broker agreement and fiduciary law?
Why even pay to become a real estate agent if you are trying to whole sale?
This doesn’t make sense to me.
Good luck though, I’m curious to see how this turns out.
And the sellers are being cheating. Whole selling works well for distressed properties that are out of options or, for whatever reason, need to be unloaded quickly.
Why on earth would a normal seller with a single family home take a 30%-40% cut in their sale price? How did you even get them to sign the agreement in the first place??
Real Estate Agent · Charlotte, NC · Member since 2019 · 20 posts · 8 votes
7y
@Joshua A Kloos I came to an agreement with a client for a purchase price. I'm helping them out of a situation that they are in with a property they can't sell the traditional way. Real estate is a business with many avenues. My client is fully aware of every step of the process. My ethics are in order. I'm looking for knowledge and information on the execution bc this is my first time.
Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
7y
@Anthony Hollis
They can't sell the traditional way? I thought the traditional way was on the MLS through a agent. Which is exactly what you are asking if you are allowed to do.
Real Estate Agent · Charlotte, NC · Member since 2019 · 20 posts · 8 votes
7y
@Josh C. Thank you all for your concern about my client and making sure an agent is following all the rules and guidelines. With so much wrong on the world today its good to know ppl still care. I heard some information after hours and came here for guidance on the subject from someone who may knew what I was speaking about. I will continue to do my due diligence and find all the pieces to the puzzle. Everyone have a blessed day and continue to provide A1 service.
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
7y
@Anthony Hollis all do respect, If you as you say, " have a shortage of interested buyers " its not a good deal. Good deals, are typically gone in a day or two
Real Estate Agent · Charlotte, NC · Member since 2019 · 20 posts · 8 votes
7y
@Bob Prisco Yes sir. My buyers list is not that extensive and that's why I would like to use the MLS as a resource bc it holds the biggest buyers list around. This is my first go ahead and I'm trying to find creative ways to get it done.
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
7y
@Anthony Hollis post it here or other sites or go to your local REIA meeting . Again if its a good it will sell in a day or two. Find the deal ( a good one ) and the money will find you .
Investor · Austin TX · Member since 2016 · 1k+ posts · 2k+ votes
7y
@Anthony Hollis are you certain that its a good deal? Have you looked at other properties in the same area/neighborhood that have been flipped by an investor or are currently rental properties owned by an investor and contacted those investors about purchasing this property? Have you considered closing on the property and then listing on MLS yourself? Are there any big rental home players in your area that might be interested? ie: Invitation Homes or a similar company? I feel like there are lots of options for getting this property sold. I think its unethical to list a wholesale property on the MLS unless you own it.